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Former Coinbase CTO makes $2M bet on Bitcoin’s performance

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<div>Former Coinbase CTO makes M bet on Bitcoin's performance</div>

Banks

Balaji Srinivasan has predicted Bitcoin will reach $1 million within 90 days as a consequence of hyperinflation in the United States.

Former Coinbase chief technology officer Balaji Srinivasan has made a millionaire bet on Bitcoin's (BTC) price over the next 90 days, predicting the cryptocurrency price will reach $1 million by June 17.

The wager was initiated on March 17, when pseudonymous Twitter user James Medlock offered to bet anyone $1 million that the United States would not experience hyperinflation. A few hours later, the former Coinbase CTO accepted the bet.

Sir, I believe we have ourselves a deal https://t.co/9JYaLNo9Eq
— James Medlock (@jdcmedlock) March 18, 2023

Under the proposed terms, if Bitcoin's price fails to reach $1 million by June 17, Medlock will win $1 million worth of the dollar-pegged stablecoin USD Coin (USDC) and the 1 BTC. The same way, if Bitcoin is worth at least $1 million by the date, then Balaji can keep the 1 BTC and the $1 million in USDC. Srinivasan explained in the thread:

“You buy 1 BTC. I will send $1M USD. This is ~40:1 odds as 1 BTC is worth ~$26k. The term is 90 days.”

As per the thread, other Twitter users helped set up a smart contract with the betting terms. Srinivasan also disclosed that he would move another $1 million in USDC for another wager on the same topic:

"I am moving $2M into USDC for the bet. I will do it with Medlock and one other person, sufficient to prove the point. See my next tweet. Everyone else should just go buy Bitcoin, as it'll be much cheaper for you than locking one up for 90 days."

Medlock and Srinivasan made the wager based on their different views of the U.S. economy's future amid ongoing uncertainty regarding the country's banking system.

Srinivasan argues that there's an impending crisis that will lead to the deflation of the U.S. dollar, and thus, to a hyperinflation scenario that would take the BTC price to $1 million. Medlock, on the other hand, is bearish about upcoming hyperinflation in the country.

Meanwhile, Bitcoin's price has reached $27,387 at the time of writing, with its market capitalization adding over $194 billion year-to-date to a 66% growth in 2023, outperforming Wall Street bank stocks amid fears of a global banking crisis.

Also, for the first time in a year, BTC's price has shifted away from United States stocks, rising about 65% compared to the S&P 500's 2.5% gains and the Nasdaq's 15% decline, Cointelegraph reported.

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Dogecoin hits 4-month lows vs. Bitcoin — 50% DOGE price rebound now in play

March 10, 2023 Coin Telegraph

Bitcoin

The prospects of Elon Musk abandoning Dogecoin would be dire for DOGE price in both Bitcoin and USD terms.

Dogecoin (DOGE) pared some losses versus Bitcoin (BTC) on March 10, a day after the DOGE/BTC pair fell to its lowest level since October 2022. Can DOGE price see an extended rebound ahead?

On the daily chart, the DOGE/BTC pair reached 331 sats, up 4.75% compared to the previous day's low of 316 sats. The bounce occurred around a multi-month descending trendline, which has capped the pair's downside moves since November 2022.

*DOGE/BTC daily price chart. Source: TradingView*

DOGE price vs. BTC

Interestingly, the DOGE/BTC descending trendline appears part of a prevailing falling wedge pattern. Traditional chart analysts consider the falling wedge a bullish reversal setup, notably because of the pattern's 62% success rate in meeting its upside price targets.

In Dogecoin's case, the price is wobbling around its falling wedge's apex point, where its upper and lower trendline converge. DOGE's latest rebound from the lower trendline increases its possibility of testing the upper trendline for a breakout, as illustrated in the chart below.

*DOGE/BTC daily price chart featuring falling wedge breakout. Source: TradingView*

The upside setup further draws support from the DOGE/BTC's daily relative strength index (RSI) with a reading of around 28. From a technical perspective, an RSI below 30 means the pair is oversold, which could prompt its price to consolidate sideways or rebound.

In the event of a breakout, DOGE/BTC can rise toward 500 sats by April, up 50% from current price levels. The upside target is measured after adding the maximum distance between the falling wedge's upper and lower trendline to the breakout point.

A decisive drop below the falling wedge's lower trendline, however, risks invalidating the whole upside setup. Instead, DOGE can drop toward 280 sats, a historical support level down, around 13% from current price levels

Such a scenario is possible given Dogecoin's stint with a failed falling wedge pattern in March 2022, wherein the DOGE/USD pair broke below the lower trendline — 50% losses followed.

Which way for DOGE price?

Dogecoin could still fall in the U.S. dollar terms, however, largely due to increasing macroeconomic uncertainty.

In the past years, the Dogecoin price rallied primarily on the heels of news-driven events and Elon Musk's support, including hopes of a DOGE payment option on Twitter.

However, Musk said on March 3 that he would be shifting his focus from cryptocurrencies to artificial intelligence. The billionaire entrepreneur didn't name Dogecoin specifically, but many interpreted that Musk may distance himself from the industry moving forward.

“I used to be in crypto, but now I got interested in AI"
— Elon Musk (@elonmusk) March 3, 2023

The price of Dogecoin has dropped by more than 20% to $0.06 since Musk's tweet. Moreover, from a technical perspective, the price is well-positioned to drop by another 10% in the coming weeks in a retest of an old support level at around $0.055-0.042.

*DOGE/USD weekly price chart. Source: TradingView*

Conversely, a bounce from the support range could have DOGE's price rally test the triangle's upper trendline at around $0.076, resulting in gains of approximately 15% from current price levels.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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‘Scammers dream’ — Yuga’s auction model for Bitcoin NFTs sees criticism

March 6, 2023 Coin Telegraph

Auction

Yuga Labs' first Bitcoin NFT collection saw some backlash from the crypto community over the weekend, pointing to flaws in the way it's conducting the auction.

Nonfungible token (NFT) conglomerate Yuga Labs is facing some criticism from the cryptocurrency community, including the creator of Bitcoin Ordinals, over how it plans to auction its new Bitcoin NFT collection.

On Mar. 5, Yuga opened bids for its “TwelveFold” collection which will see 300 NFT-like images inscribed on Satoshis using the Bitcoin-native Ordinals protocol, with 288 from the collection sent to the highest 288 bidders.

The auction for TwelveFold has begun and will conclude on the block immediately prior to 3pm PT tomorrow, March 6th, 2023. Good luck.https://t.co/gvl8IHpekC pic.twitter.com/xGWU9jdCoO
— Yuga Labs (@yugalabs) March 5, 2023

According to a Mar. 5 press release, those participating in the bidding process will be required to send their entire bid amount in BTC to a unique BTC address controlled by Yuga. Winners would simply pay up the BTC they bid, while Yuga said it would return the BTC to those unsuccessful in placing a top bid.

Such a plan however has earned the ire of some within the crypto community, with some pointing out that having to manually conduct refunds for unsuccessful bids is like the “stone age.”

so the way yugas auction will work tomorrow is everyone sends Bitcoin to one wallet and if you lose the bid they promise to manually send it back

likely tens of millions of dollars

we’re still in the stone age
— Giancarlo (@GiancarloChaux) March 5, 2023

The user behind an Ordinals-focused Twitter account “ordinally” called the auction model a “scammers dream” and added while they doubt Yuga would keep the BTC from failed bids, the way it carried out the auction sets a “REALLY bad precedence.”

Yuga is establishing REALLY bad precedence running an auction like this. They are taking custody of bidders’ bitcoin with a promise to send back unsuccessful bids. Not doubting they’ll do that, but this model is a scammer’s dream, and credible players need to set better example.
— ordinally (@veryordinally) March 6, 2023

The post even saw a response from Bitcoin Ordinals creator himself Casey Rodarmor, who hotly weighed in on the discussion telling Yuga to “get fucked” and called the conduct of the auction “degenerate bullshit.”

He added if Yuga were to conduct a similar auction he would encourage others to boycott the project.

Dear @yugalabs,@veryordinally is right. Actions like this prove that for some entities and people: “Once a shitcoiner always a shitcoiner.”

If I, personally, Casey Rodarmor, ever see you, Yuga labs, the entity, fuck around with degenerate bullshit like this again, I will wash… https://t.co/COARsn4X0o
— Casey Rodarmor (@rodarmor) March 6, 2023

Other users pointed out the shortcomings of the auction system, saying it's possible some could overpay for a TwelveFold due to a possible significant price discrepancy between the highest and lowest bids in the top 288.

yuga is going to make a lot of money with twelvefold haha pic.twitter.com/UF7efYmN0k
— frankdegods.eth (@frankdegods) March 5, 2023

Despite the criticism from some, many were happy to see a large project such as Yuga — who rose to prominence due to multiple Ethereum-based NFT collections — bridge across to Bitcoin.

Ordinally, who earlier criticized the collection, later tweeted appreciation of “the fact Yuga took the effort to attempt [to] go a Bitcoin route when setting up this auction.”

To give credit where credit is due - I really appreciate the fact Yuga took the effort to attempt and go a Bitcoin route when setting up this auction. Somewhat irrationally it pains me even more to see a bitcoin approach setting bad precedent, than an ETH based approach …
— ordinally (@veryordinally) March 6, 2023

An Ordinals-based collection, Ordinal Pizza OG, expressed excitement at Yuga’s BTC collection and called it a “massive net positive for Ordinals.”

The criticisms weren’t enough to stop cashed-up bidders from wanting to try to cement a top spot to nab Yuga’s first BTC collection.

At the time of writing the top bid was 1.11 BTC (around $25,000) according to the TwelveFold website with the lowest bid registered showing as 0.011 BTC, or around $250.

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The crypto industry has ‘already started’ moving outside US, says Ripple CEO

March 5, 2023 Coin Telegraph

Brad Garlinghouse

Ripple's CEO Brad Garlinghouse stated that the SEC's lawsuit against Ripple is the regulator playing "offense" and "attacking" the industry as a whole, believing it could put the U.S. at "severe risk."

The United States Securities and Exchange Commission's (SEC) regulation through “enforcement,” as opposed to “doing the work,” is not a “healthy way” to regulate an industry, and may result in the U.S. being a less attractive location for crypto firms, suggests Ripple’s CEO.

In a Mar. 3 Bloomberg interview, Brad Garlinghouse, CEO of blockchain-based digital payment network Ripple, suggested that the SEC's approach to regulation is putting the U.S. at “severe risk” of missing out on being an attractive hub for the next evolution of blockchain and crypto innovation.

Garlinghouse noted that the SEC's case against Ripple, is the SEC simply playing “offense” and “attacking” the industry as a whole, adding that if the SEC is “able to prevail,” there will be “a lot of other cases.”

He suggested that the crypto industry has “already started moving outside” of the U.S. given its crypto regulation process is "behind" other countries such as “Australia, UK, Japan, Singapore and Switzerland.”

He commended these countries for taking "the time and thoughtfulness” to create “clear rules of the road,” adding that the approach taken by the U.S. is not a “healthy way to regulate an industry.”

Garlinghouse recalled when he “first got into the tech industry in the late 90s,” there were proposals to ban the internet, due to “illicit activity,” but the government refuted the idea and decided to "create a framework.”

He emphasized “the benefits” this early adoption brought on a “geopolitical basis,” to have the "Amazon's and Google’s" based in the U.S., suggesting that the same opportunity is currently on the table with creating a framework for crypto.

Garlinghouse believes the framework process should begin with outlining “clear protections for consumers.”

He added that consumers are suffering from the “lag,” as they lack the “same protection” that regulatory frameworks "can provide."

Garlinghouse believes that a decision should come this year regarding the SEC’s case against Ripple.

More recently, John Deaton, founder of legal news outlet Crypto Law Lawyer put a call-to-action to his 245,000 twitter followers on Mar. 5 stating that all companies in “active litigation” with the SEC, should collaborate and develop “coordinated strategies,” calling it “war.”

We must think out of the and organize. For example, all companies in active litigation w/the SEC, or about to be, should be meeting, sharing ideas, and developing coordinated strategies. Its a war.

I’d be happy to help. Maybe I can replace @elonmusk as the SEC’s most hated.
— John E Deaton (@JohnEDeaton1) March 5, 2023

This comes after Kristin Smith, the Blockchain Association CEO, told Bloomberg in a Feb. 22 interview that the crypto regulation process in the U.S. is happening “behind closed doors,” adding that it is vital for more industry involvement in an “open process."

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DOGE price vs. BTC

Which way for DOGE price?

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